4-Unit Multi-Family Investment 1003 SE 23 rd Avenue, Portland, Oregon 97214 CLOSE-IN SE PORTLAND MULTI-FAMILY INVESTMENT PROPERTY 136 NE 28 th Avenue Portland, Oregon 97232 503-327-8237 Office 503-954-3087 Fax www.equitypacificrealestate.com
Subject Property Exterior Photos This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Subject Property Interior Photos This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Subject Property Basement Garage Photos This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Neighborhood Photos Safeway on Hawthorne Jam on Hawthorne Accanto Nostrana Colonel Summers Park Colonel Summers Community Garden This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Attributes of the Property Pride of Ownership Close-in SE Brick 4-Plex Beautifully Maintained Turn-Key Condition Newer Energy Efficient Vinyl Windows Updated Electrical Throughout Roof in Good Condition Hardwood Floors Dishwashers in Three (3) Units Three (3) Garages Two Bedroom Unit Features a Private Yard All Units are Individually Metered for Gas Electricity All Units Feature Forced Air Gas Heat Common Basement with Coin-op Laundry Trash/Recycling Enclosure The Location A Location in Close-In SE Portland Situated on a Quiet Tree Lined Street between Hawthorne Belmont Three blocks from Colonel Summers Park Walking Distance to Shopping, Restaurants, Bars Theaters 10 Minutes to Downtown Portland This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
INVESTMENT SUMMARY Summary Price: $1,100,000 Down Payment: 100% $1,100,000 Number of Units: 4 Location 1003 SE 23rd Ave Financing Summary New Non-Owner Occupied Residential Loan in the amount of Price/Unit: $275,000 $0 Building/SF: 5,012 at 5.00% Principal and Interest Amortized over 30 Years Price/SF $219 Current Cap: 3.32% Market Cap: 5.06% Parcel ID Current GIM 22.0 Lot Size Market GIM 15.9 Utilities paid by Tenant Additional Information R131598 0.11 Acre (5,000 SF) Electricity Year Built: 1947 INCOME Annualized Operating Data Annualized Expenses Current Market 2018 Estimate % EGI Per Unit EXPENSES Scheduled Rent Income: $50,400 $65,760 Taxes $8,124 - $2,031 Garages/Laundry $1,200 $5,600 Insurance $1,200 - $300 Scheduled Gross Income: $51,600 $71,360 Water Sewer $2,480 - $620 Less: Vacancy (3%) ($1,548) ($2,141) Trash/Recycling $686 - $172 Effective Gross Income: $50,052 $69,219 Common Gas Electricity $1,076 - $269 Less: Expenses: ($13,566) ($13,566) Net Operating Income $36,486 $55,653 Year 1 Debt Service $0 $0 Total Expenses $13,566 27.1% $3,392 Pre-Tax Cash Flow $36,486 $55,653 Principal Reduction $0 $0 Total Return 3.3% $36,486 5.1% $55,653 Cash Yield 3.3% $36,486 5.1% $55,653 Scheduled Income Current Market Total Units Unit Type Approximate SF/Unit Rent Rent/PSF Rent Rent PSF 1 2BR-1BA 880 SF $1,350 $1.53 $1,595 $1.81 3 1BR-1BA 650 SF $950 $1.46 $1,295 $1.99 4 $4,200 $5,480 This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RENT ROLL Unit # Unit Type Move-in Date Lease End Date Rent Pet Rent Garage Rent Total Deposit Last Month's Rent 1003 1BR/1BA 9/1/05 MTM $840 $10 $75 $975 1009 1BR/1BA 9/16/09 MTM $950 $10 - $1,150 1011 1BR/1BA 5/9/12 MTM $950 $10 - $1,200 1017 2BR/1BA VACANT - $1,595 - - - TOTAL $4,335 $30 $75 $3,325
AERIAL PHOTOS
RENT SURVEY PROPERTY LOCATION 1003 SE 23 rd Ave YEAR BUILT TOTAL # OF UNITS UNIT TYPE 1947 4 1 2BR/1BA 3 1BR/1BA UNIT SF 880 650 CURRENT RENT RENT/PSF SOURCE PHOTO $1350 $1.53 Owner $950 $1.46 *Subject Property 3 Garages Pacific Court 1535 SE 29 th Ave SOLD by 1949 14 2BR/1BA 800 $1695 $75 RUBS $2.12 Craigslist 5/18/18 Oak Manor 2021 SE Oak St 1947 15 1BR/1BA 627 $1395 $2.22 Craigslist 5/18/18
PROPERTY LOCATION 1932 SE Madison St YEAR BUILT TOTAL # OF UNITS UNIT TYPE UNIT SF 1907 6 1BR/1BA 600 $1300 $2.17 Craigslist 5/18/18 CURRENT RENT RENT/PSF SOURCE PHOTO 2624 SE Pine St 1911 4 2BR/1BA 700 $1600 $2.29 Craigslist 5/3/18 2835 SE Yamhill St 1909 4 1BR/1BA 620 $1395 $2.25 RMLS 4/16/18
RECENT SALES COMPARABLES PROPERTY LOCATION 1003 SE 23 rd Ave YEAR BUILT # UNITS UNIT MIX / COMMENTS 1947 4 1 2BR/1BA 3 1BR/1BA PRICE / PRICE / PRICE UNIT SF GRM SOLD PHOTO $1,100,000 $275,000 $219 22.0 TBD *Subject Property 3 Garages 933 NE 22nd Ave Portland, OR 97232 2013 4 4 2BR/1BA $1,059,000 $264,750 $235 13.4 Active 3745 SE Belmont St 1906 4 3 1BR/1BA 1 Studio $949,000 $237,250 $449 15.7 Active 2835 SE Yamhill St 1909 4 4 1BR/1BA $969,900 $242,475 $260 19.6 Pending
PROPERTY LOCATION 2625 SE Stark St LISTED by YEAR BUILT # UNITS UNIT MIX / COMMENTS 1884 4 2 1BR/1BA 1 1BR/1BA 1 Studio Open, Off-Street Parking. Private Garden Backyard. PRICE / PRICE / PRICE UNIT SF GRM SOLD PHOTO $939,000 $234,750 $260 15.5 Pending 5411 SE 17 th Ave Portland, OR 97202 1963 4 4 2BR/1BA $849,800 $212,450 $211 14.4 Pending 1737 NE 22nd Ave Portland, OR 97212 1952 4 4 2BR/1BA $1,100,000 $275,000 $286 14.0 April 2018 919 NE Alberta St Portland, OR 97211 1943 4 4 1BR/1BA $980,000 $245,000 $281 14.5 March 2018
PROPERTY LOCATION 2335 SE Ash St YEAR BUILT # UNITS UNIT MIX / COMMENTS 1945 4 3 2BR/1BA 1 1BR/1BA PRICE / PRICE / PRICE UNIT SF GRM SOLD PHOTO $1,050,000 $262,500 $328 13.0 Aug 2017 5222 NE Couch St Portland, OR 97213 1960 4 4 1BR/1BA $988,095 $247,024 $366 16.1 June 2017 SOLD by 911 SE 26 th Ave 1913 4 4 1BR/1BA $895,000 $223,750 $296 13.9 June 2017 2240 NE 14 th Ave Portland, OR 97212 1908 4 4 2BR/1BA $1,250,000 $312,500 $290 16.2 Dec 2016
PROPERTY LOCATION 5610 N Greeley Ave Portland, OR 97217 YEAR UNIT MIX / PRICE / PRICE / BUILT # UNITS COMMENTS PRICE UNIT SF GRM SOLD PHOTO 2016 4 4 2BR/1BA $1,110,000 $277,500 $286 13.9 Nov 2016 5516 NE Hoyt St Portland, OR 97213 1966 4 3 2BR/1BA 1 1BR/1BA $850,000 $212,500 $257 13.8 Oct 2016 SOLD by 2905 SE Alder St 1927 4 1-2BR/1BA 3 1BR/1BA $1,495,000 $373,750 $349 NA Sept 2016
Significant Nearby New Construction PROPERTY LOCATION LOCA @ The Goat Blocks Belmont 11th Ave # UNITS UNIT MIX / COMMENTS 246 Six Buildings Around a Central Plaza 97,000 SF Retail CONSTRUCTION STATUS Completed GROUPS Killian Pacific PHOTO Parking for 285 Vehicles 553 Bicycles Modera Belmont 818 SE 6 th Ave 200 Office Six Story Building Ground Floor Retail Creative Office Space Completed Mill Creek SERA Design Parking for 205 Vehicles 302 Bicycles Modera Buckman 909 SE 12th Ave 170 Seven Story Building Mixed-use 6,621sf of ground floor retail space Under Construction Mill Creek Leeb Architects Aura Burnside 419 E Burnside St 159 Retail Six Story Building 157 Apartments Two ground floor 2 live / work units retail spaces Under Construction Trinsic Residential Group Myhre Group Architects
PROPERTY LOCATION 811 SE Stark # UNITS UNIT MIX / COMMENTS Office/Retail Four Story Building Ground Floor Retail Offices CONSTRUCTION STATUS Under Construction GROUPS Works Partnership PHOTO Burnside Delta 1111 SE Sandy Blvd 85 Six Story Building w/ Ground Floor Retail Under Construction Urban Development Group Vallaster Corl Architects Jupiter Hotel Expansion 800 E Burnside St Hotel Six Story Building w/ Ground Floor Retail Restaurants Under Construction Works Partnership 5 MLK 5 SE Martin Luther King Jr Blvd 220 17 Story Mixed-use 5,000 SF Ground floor retail; 112,000 SF office space on floors 2-6 160 below-grade parking stalls Design Review Gerding Edlen GREC Architects
PROPERTY LOCATION 9th Alder # UNITS UNIT MIX / COMMENTS 155 Nine Story Building Mixed use development Ground floor retail. CONSTRUCTION STATUS Design Review GROUPS TVA Architects VWR Development PHOTO 96 vehicular parking Grand Belmont 514 SE Belmont St 133 Six Story Building w/ 8,925 SF of Retail Spaces Parking for 63 Vehicles Design Review Urban Assets Advisors Vallaster Corl Architects